Fiserv partners with Georgia Tech for insights on inflation
“At Fiserv, we believe data can be used for the greater good, to not only understand the financial health of consumers and small businesses, but to actively create opportunities to further financial inclusion.”
Fiserv has partnered with Georgia Institute of Technology on a 3-year initiative to better understand consumer financial health, funded by Fiserv and with a goal of increasing financial and payments inclusion.
The Financial Services Innovation Lab (FSIL) serves as an interface between the financial services industry and faculty and students at Georgia Tech.
The partnership will allow Georgia Tech researchers to leverage Fiserv data to generate insights into household financial behavior, which will be relevant to policymakers, consumers, and small businesses.
How trends such as inflation affect consumers and businesses
Sudheer Chava, Alton M. Costley Chair Professor of Finance at the Georgia Tech Scheller College of Business, who leads the FSIL, said: “With the annual inflation rate in the U.S. at a four-decade high, understanding the financial health of U.S. consumers and offering innovative ways to increase their financial resiliency is paramount. By combining insights from unique data with our team’s expertise in household finance and big data analysis, we intend to deliver high-value insights about how major economic trends such as inflation affect U.S. consumers and small businesses.”
Prasanna Dhore, Chief Data Officer at Fiserv, commented: “At Fiserv, we believe data can be used for the greater good, to not only understand the financial health of consumers and small businesses but to actively create opportunities to further financial inclusion. By partnering with Georgia Tech, we will be able to grow our understanding of the populations and businesses who use our solutions every day, and take steps to positively impact people’s financial lives.”
Fiserv enables money movement for thousands of financial institutions and millions of people and businesses and is now looking to construct a comprehensive picture of consumer spending and financial health, together with FSIL researchers who can generate valuable insights about how consumers and small businesses are impacted by sudden economic changes as well as larger economic trends.
Fiserv hires new head of South Korea business
Fiserv has appointed Mi Ryung (Miriam) Park as General Manager for Korea, where she will lead the company’s local payments business, based in Seoul, South Korea.
Park brings a wealth of knowledge and expertise to Fiserv, with over 30 years of experience and leadership in the payments industry, including roles in digital transformation, spearheading business growth, and developing market strategy.
Miriam Park joined Fiserv from UnionPay International, where she led the growth of the North Asia card issuing business and developed infrastructure and the growth strategy across the Americas.
Prior to that, she spent three years at BC Card and 18 years at Visa in a number of leadership and business development roles.
Fiserv works closely with Carat in order to provide omnichannel payment solutions to merchants in South Korea. The fintech also offers payment solutions for the local market, including MoneyOn and FirstPay, enabling integrated online and offline payment solutions.
For offline payment acceptance, Fiserv works directly with merchants as well as payment partners to connect thousands of merchants’ payment terminals or point-of-sale (POS) devices for payment verification and authorization.